Thomson's manual of Pacific Northwest finance

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Monograph

Identifikator:: 1838857176

URN:: urn:nbn:de:zbw-retromon-229226

Document type:: Monograph

Title:: Thomson's manual of Pacific Northwest finance

Place of publication:: Seattle

Publisher:: Thomson's Statistical Service

Year of publication:: 1930

Scope:: XXX, 487 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Section XI. Appendix

Collection:: Economics Books

\PP"'N] BEST UNIVERSAL LOCK COMPANY GENERAL OFFICE: 1121 Post Street, Seatlle, Wash. HISTORY: Incorporated under laws of Washington, Sept. 14, 1923, to manufac- ture and distribute locks in the United States, under license from Frank E. Best, Inc., owners of patents on the Best Universal Locking System. (Frank E. Best, Inc, was originally organized under laws of Washington, Oct. 4, 1920, as the Best Lock Co.; name changed to Frank. E. Best, Inc, Oct. 15, 1921.) in 1928 the company transferred to the Best Lock Corporation (organized under laws of Delaware, April 19, 1928), its exclusive United States manufactur- ing and sales license on the Best Universal Locking System, receiving therefor one “companion share” of Best Lock Corporation common stock for every share otherwise sold or disposed of. On Jan. 1, 1929, company also transferred to the Best Lock Corporation, of Delaware, all its tangible assets at their appraised net value of $339,963, receiv- ing therefor 33,996 shares of Best Lock Corporation stock. The latter corporation also assumed all the company’s liabilities. This transfer of assets left the company only a holding company, owning stock in the Best Lock Corporation, without liabilities except capitalization. However, the company continues the manufacture and sale of the Best Universal Locking System. as trustee for the Best Lock Corporation, of Delaware. BUSINESS: In its capacity as trustee for the Best Lock Corporation, of Dela- ware, company manufactures a diversified line of locks for commercial and domestic use, all based on the “One Key System’ idea originated by Frank E. Best in 1912 and patented in 1919, The underlying feature of the Best Lock is a removable, interchangeable core, permitting change of combination, without installing a complete new lock; also permitting operation of a series of locks by one master key, the individual locks, at the asme time, responding to individual keys. OFFICERS: Frank E. Best, President: C. L. Lorentzen, Vice-Pres.; J. M. Dean, QSecev.-Treas. CAPITALIZATION: I. 79% Cum. Preferred Stock...... 2. Class A Common Stock............ 3. Class B Common Stock............ Par Value $100 No Par No Par Authorized 20,000 shs 300,000 shs 200 000 shs Outstanding 86 shs 83,896 shs 300,000 shs Provisions: Preferred stock entitled to 7% annual cumulative dividends, pavable semi-annually, Jan. and July 1. After preferred dividends are paid, ("lass A stock is entitled to 80c per share, per annum, non-cumulative divi- dend; after which Class B is entitled to same amount; further distribution of earnings to be 50% to Class A and 50% to (Class B. Distribution: Class B—300,000 shares were issued to Frank E. Best, Inc, in rayment for exclusive license to manu- ‘facture and sell Best Universal Locking System in the United States. Class A— 10,000 shares issued to Frank E. Best in lieu of salary for 5 years as president; 2,000 shares issued to A. S. Elford in lieu of salary for 1 vear as secretary. Remainder of the outstanding Class A shares were sold the public as fol- lows: 39,705 27.014 Callable: Preferred stock is callable on any dividend date at $105. Voting Power: All stock has eaual voting power. Dividends: None paid. ’ Transfer Agent: The company shares shares shares shares shares ro $110.00 each. 15.00 each. 16.00 each. 220.00 each. 2292 R00 each La,119 QL 7 BALANCE SHEET BEST UNIVERSAL LOCK CO.. TRUSTEE, As of June 30, 1830 ASSETS LIABILITIFE. IAB eovecnrnnessonsmannusinsiemnminsnsnsmasmnmnsrnibbns’ Accts. Receivable Notes Receivable ..... INVeNtOTY eimai ae Other Current Asse enn 764 L475 ..3 7.831 1QQ Total Current Assets. .... 50,632 Plant Equipment ...................c........ 188.823 Due from Affiliated Cos............... 2,209 Development Expense __.._...__..._...... 2,325 Expense AcCCt. cccocees coeeiiincieeinneeeee. 18.204 TOTAL ASSETS oie. 532.193 Notes Payable ...... Accounts Payable _..__........._. Salaries. Commissions. Fic. 3.748 8,700 1.810 Total Current Liabi ‘4,258 Notes and Mortgages... RN 4,155 3est Lock Corp.ceeeananee. .. 17,084 Fax and Assessments ......... - 7,307 Due Parent CoO.coceeceeevvenncceeeenennnnnn. 360,787 Rarnings. 6 mo. to Jun 30. 1930... 68.602 TOTAL LIABILITIES ........... $53%2.193

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